The news was that First Bank of Nigeria Plc had appointed Gbenga Shobo, the erstwhile deputy GMD, as the GMD/CEO of the 127-year old banking giant. He was to take over from Adesola Adeduntan.

People, there is brewing warfare in First Bank. The Central Bank of Nigeria has queried the Board for removing Dr Adesola Adeduntan without regulatory approval; he has 8 months in his contract to go. The letter was addressed to the bank’s Chairman, Ibukun Awosika.

First Bank is fine. What is happening here is a battle of who controls this bank, according to ThisDay. Oba Otudeko & co with about 10% on one side, and Oye Odukale (with 10%) and billionaire Mike Adenuga (with 6%) alliance on another.

But all that may now be put on hold as a major boardroom manoeuvre appears to be at play among the three dominant shareholding groups, who are now weighing their options.

Otudeko and his allies with 10 per cent shareholding might be up against an emerging alliance between Oye Odukale (10 per cent) and Mike Adenuga (6 per cent).

Odukale and Adenuga, who THISDAY learnt might have teamed up last night, are pushing for the return of the ousted CEO with the ultimate aim of sacking the board presently controlled by Otudeko.

Depending on what the apex bank does, you may see a new guard in the pioneer bank. This battle has nothing to do with the bank but interests. Sure, First Bank books and ratios may not be superb, but what is happening is not about those; CBN was already helping on those. I want you to wish the elephant well.

“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.

“It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure, which is due on December 31, 2021.”

The News Agency of Nigeria (NAN) reporting. Pardon my copying in full for context.

First Bank of Nigeria Limited has appointed Gbenga Shobo as its managing director/chief executive officer effective from April 28.

Mr Shobo, who until now was the lender’s deputy managing director, will take over leadership from Adesola Adeduntan, who will be retiring in accordance with the bank’s term limits for chief executives, having headed it since 2016.

“His appointment has proven the resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpin the institution’s enduring sustainability and 127-year legacy,” Ibukun Awosika, chair of the bank’s board of directors, said Wednesday in a statement reported by The Cable.

The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval.

The query is contained in a letter dated April 28, 2021, signed by the CBN Director, Banking Supervision, Haruna Mustafa, and obtained by the News Agency of Nigeria (NAN).

The letter was addressed to the bank’s Chairman, Ibukun Awosika.

Mr Mustafa said that the action was taken without due consultations with the regulatory authorities, especially given the systemic importance of the commercial bank.

He noted that the tenure of Mr Adeduntan has yet to expire.

“The CBN was not made aware of any report from the board indicting the managing director of any wrongdoing or misconduct; there appears to be no apparent justification for the precipitate removal.

“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.

“It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiration of his second tenure which is due on Dec. 31, 2021,” he added.

Mustafa noted that the removal of a sitting MD/CEO of a systemically important bank was not good.

“The removal of a sitting MD/CEO of a systemically important bank that has been under regulatory forbearance for five to six years without prior consultation and justifiable basis has dire implications for the bank and also portends significant risks to the stability of the financial system.

“In light of the foregoing, you are required to explain why disciplinary action should not be taken against the board for hastily removing the MD/CEO and failing to give prior notice to the CBN before announcing the management change in the media.

“In the meantime, you are directed to desist forthwith from making any further public/media comments on the matter. Your comprehensive response on the foregoing should reach the Director, Banking Supervision Department, on or before 5p.m. on April 29, 2021,” he said.

NAN reports that First Bank on Wednesday announced the appointment of Gbenga Shobo as the new Managing Director and Chief Executive Director.

Mrs Awosika said that the appointment was subject to all regulatory approvals.

She said that Mr Shobo succeeds Mr Adeduntan who would be leaving the bank in accordance with the bank’s term limit for its chief executive after successfully leading the bank since January 2016.

:These decisions will take effect from today, April 28, 2021,” Mrs Awosika said.

“We are proud to announce Gbenga Shobo as our new Managing Director/Chief Executive Officer.

“His appointment has proven our resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpin the institution’s enduring sustainability and 127-year legacy.

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Thank you FarmKonnect Nigeria and congratulations as His Excellency, the Executive Governor of Oyo state, Oluseyi Makinde, commissions the FarmKonnect multi-million dollar farm project. I want to thank you for finding space for this village boy on those walls – thank you.

Good People, join me to congratulate a Tekedia Institute Fintech Faculty, Olugbenga GB Agboola, for taking Flutterwave to the mountaintop. This week, the African category-king fintech company was honoured as one of Time Magazine’s 100 Most Influential Companies in the world.

We celebrate the brilliance of Flutterwave as it builds the operating system of Africa’s commerce, unlocking opportunities in markets and territories. Nations rise when pioneering entrepreneurs emerge.

We congratulate GB and his Team. Well done Flutterwave.

The co-founder and CEO of Nigeria’s Flutterwave, Olugbenga Agboola, compares the infrastructure of digital transactions across nations and platforms (think credit cards, debit payments and digital wallets) to plumbing: you don’t want to think about it, you just want it to work. When pandemic lockdowns hit brick-and-mortar businesses in Africa, the digital-payment service was able to rapidly set up digital storefronts for 20,000 customers, throwing them a lifeline. Agboola called the free campaign “keeping the lights on.” Flutterwave hit tech-unicorn status in March when it secured $170 million in Series C funding from global investors, valuing the company at more than $1 billion.